skepticism on the whole list. >> and i was, as a seinneld fan, even more impressed that the honeymooners came in second, hanging down from the 1950's. >> but seinfeld is still a funny show of all time. the. >> all-time. very funny. all-time? melissa: that's all the "money" we have to you today. we will see you back here tomorrow. ♪ gerri: tonight, warning by aaa. don't listen to the environmental protection agency. what they say we will damage your car. thanks to obamacare the virus as a whole new set of rules. are you ready? welcome to "the willis report." ♪ gerri: hello, everybody.

iim gerri willis. get ready. a flood of obamacare rules are coming, and it will take a mountain of paperwork to get in all the fine print. fox businnss liz macdonald this year. let's break it down. >> you know what i love about congress? i don't really love it. they pass a law and then it's sort of like the irs has to do it. the irs has to enacted and oversee. and the joke is that the iris is operating on pneumatic tubes. the obamacare law is going to basically blow a lot of circuits and burn a band with. so the deal is made if you have investment income, capital gains or dividends, not only do you have to pay taxes when you cash out, you're going to have to pay an extra surtax on top of that. so what we're seeing is the ira saying, we have to a shoot possibly 1509 pages of rules. it becomes --

>> a little bit about this and then it disappeared. apparently it disappeared from the irs. all of a sudden out of the blue we have that already by april april 15th. >> nancy pelosi said we have to pass it to see what's in it. well now we're seeing what's in it. the rules are supposed to help poland $318 billion over the %-health reform.o help pay for the thing is, there may be a brand new form that taxpayers have to deal with the basically calculate the mass. it sounds like a migraine. but i'll tell you something. here's the kicker. this surtax is supposed to go on investment income. what they're struggling with bell is, wait a second. what about rental income. rental income is a big deal. oversee those. coach rental income for a house or apartment or whatever. up to you something. that's something that is not a hot debate behind-the-scenes.

it was not taking care of, and i just read before it appeared on your show right now. i read through the irs what they're saying in what is called the federal register. when you read between the lines, when you read it there is no mention of rental income. congress may have an oversight hearing. this is something that the viewers will have to stay on top of. unfortunately it's not being addressed riggt now. gerri: to be clear. you are an irs expert. you have testified in front of congress, talked about this publicly. obviously you done a ton of reporting in digging on this topic. how can we expected to be adept to all these new rules so quickly? it's going to take accounts months and months to get there arms around all these new rules that may go into place. >> i don't like to talk about myself, but i was asked as a journalist to come in and talk about iras reform and tax

reform. it was an uncomfortable position to be in, but when my source of the ira's toby time and again that it's very difficult for the congress to always fatal as they do every year with the tax cut anyway and now obamacare is a big, big thing that the harris is going to have to digest and oversee. in talking to the irs auditors and revenue agents, they do say that they don't think there will be a lot of penalties and fines. that is the silver lining. what is at issue is whether or not your refund checks will be taken if you don't properly pay the taxes. gerri: well, thank you for coming on. always great to have you. all right. magic beans and very dust. talking about politics. that is of the white house is leveling the republican counteroffer to avert the fiscal cliff. president obama try this and saying there is no deal without

tax hikes on the ridge. with more on this, republican congresswoman dianne black of tennessee. welcome to the show. great to have you. i have to ask you about this story that has been breaking this afternoon. apparently the president will meet with what they're calling progressive talk-show hosts. i think this is a lot of talent. it will parade through the white house. the president will sit down with them. are you getting the sense here that maybe the president is meeting with a few too many people? should we jjst get the job on the fiscal cliff? >> i could not agree more. i felt very discouraged. the president this been more time campaigning that he did of the beginning of his campaign. we need to have serious negotiations. we need our leaders, and the president was elected by the people. he needs to sit down now and the leader along with our leader, the speaker, and talk seriously

about these plans. gerri: small business, big business. the governor's. who is left for the president to talk to? >> well, we also found that the president was out at various businesses encouraging the electric ted send it to it's about what he wants. and that is not the way that you get a negotiation going, by talking about this and the public as he has. he needs to sit down with the leaders of the house and the senate and he needs to be the leader on this. we are not seeing it here, and it's very, very discouraging. gerri: o what you to respond to what nancy pelosi had to say about hostage-taking today. pretty dramatic comments. this is nancy pelosi. >> the republicans are saying that rather than passing that they want to hold it hostage, giving an additional tax cut to people making over $250,000 a

year. that is not negotiating. that is hostage-taking. gerri: how would you respond to that? >> well, i would respond by saying that it is just the opposite of that in my opinion. the hostage-taking right now is that this president has drawn a line in the sand. he's only talking about one side of this equation. we have crisis here in washington. we are spending currently a trillion dollars more than we are bringing in. this president under his first four years increase the size of our federal government spending by 25 percent, and now he's asking for more stimulus money. unfettered control. this really is a hostage situation, and this is not what the american people need. we have 25 million americans looking for jobs, searching for jobs. we don't need to add additional taxes.

gerri: covers woman, look. the american public is going to blame your party, the republicans, some 53 percent say of the fiscal cliff happens, every fall over the edge republicans are to blame. how do you square that? is a year on the right side, trying to do things. yet the public certainly does not see your effort. >> i think one of the things that is so difficult for me is that the media cannot not talking about you in particular. the general media has fallen into this rabbit hole of only talking about this one issue. if we were to give the president what he wants, the panacea. that is the pitfall of our problems. it only funds government for eight days. how can we be serious about staying focused on one thing in not talking about all the other issues. spending is definitely the issue we must do true entitlement

reform or they will be here for the people currently. gerri: nobody is talking about that right now. we can't get past the basics to get to entitlements. thank you for coming on. you must come back soon. appreciate your time. >> you're welcome. thank you for having me. gerri: an absolute pleasure. coming up, i will be joined by moneyman wayne rogers for his take on the looming fiscal cliff. >> coming up on "the willis report", does speed killed? how does this impact individual traders? we break down what this means for your gerriwillis.com. in the death as it spirals out of control. chopping debt in half. to they have the answers for solving the nation's debt crisis to mecca also, a showdown between the epa and aaa. will the new fuel cause damage your vehicle? the man behind legislation to block the new gasoline is us his take. we are on the case next on "the willis report."

♪ gerri: my mom always told me that the world is not fair, and expecting that is a recipe for frustration. howevee, the unfairness in the stock market is a problem that deserves fixing. that is because the stock market does not belong to just one type of trader, but all of us. high-frequency traders, professional, lightning fast trades preclude any real fundamental choices. they dominate the trading world these days. we are widely recognized as the folks behind the flash crash. may 6th 2010. saw that on our air, the day the market fell inexplicably. 1,000 points and rally back nearly as much. they also brought us the security gap and a myriad of other examples of weird trading's. we have many crashes every single day and because of them. lots and lots of prrfessional

traders defend there wais saying that provide liquidity. who gets the short end of the state, and it is not pretty. according to a study, the chief economist of the commodities futures trading commission high-frequency traders make big profits of small retail investors. $3.49 for every futures contract . the dahlin and to for institutional investor contracts. the author of the study concluded the markets were a zero sum gain in which high-speed profits came at the expense of other traders. not the only canary in the coal mine. >> i think we have to get a grip on technology. high-frequency trading. night securities, the flash crash. nasdaq and facebook and all of

these problems are steamrolling, and there has to be some orderly mechanism by which people use the technology according to well established rules. gerri: technology is just out of control. and regulators like treasury secretary tim geithner and federal reserve chairman ben bernanke have written accelerating automation of the markets may threaten their very stability. in an annual report of the federal stability oversight council, the evolution of the markets could lead to an unintended errors cascading through the financial system. that sounds like a big fat disaster. i want a system where regular investors can trade stocks and not be worried about coming out on the short end of the stick. the stock markets were developed in this country as a mechanism for raising capital pricing assets. let's get back to that. coming up to mike in washington actually learn a lesson from florida? next, how cherry's could be the

latest victim in the fiscal cliff talks. the president of the united way joins me next.

gerri: coming up, the war over charitable deductions. will they survive the fiscal cliff? is it a tax deduction for the rest next? >> reporter:

♪ gerri: one source of new revenues under discussion in the fiscal of today limiting deductions for the wealthy, even charitable deductions. it's a controversial idea that has cut and a lot of attention following a recent washington post op-ed. overwhelmingly the charitable deduction benefits the wealthy. here to discuss, president of independent sector and stacey stewart, president of the united

weight both of whom met at the white house with the president. white house officials pleading there case. i can't imagine having to better guess for this segment. i want to start with this idea because it kind of blew me away when i saw. a major beneficiary for the charitable deddction, the %-i thought what about that charities and all the people who do -- to rely on them for there good work. let's start with you. entellus the, you know, who does benefit from the charitable deduction? who does your charities serve? >> the notion that the charitable deduction benefits the wealthy is simply the wrong way to think about the deduction when people give to charities, they're giving to families, struggling communities, communities that are struggling with poverty, too many people unemployed, too many people who are losing their home still. -ingering foreclosure crisis. we are talking about communities

of people who are the recipients of these charitable donations. and so when we talk about reducing the incentive for charitable giving let's be clear about who gets affected in the end. gerri: and you give us some information that is very useful. for example, nonprofits and foundations employ 13 million people, 602 million volunteers provide 8 billion hours of service. almost 2 million -- $2 trillion annually. accounting for 5% of u.s. gdp. if not for you guys were with this all come from? >> well, the fact is that the charitable does not get all this money for individuals. it's about 12% of its money from the private sector. it raises fees for service and get government funding as well. a combination of what they did. what worries us about this charitable deduction is that people are thinking that this is about rich people. it's not about rich people.

that is a wonderful tradition in america. almost a hundred years ago congress decided and his wisdom that they went to encourage rebel to give more. they stimulate giving by creating a charitable deduction. it works. i will be stop making it work? >> stacey, to you. we also have some facts about what this will actually cost. if there were no churl deductions the cost of cherries would be some 7 billion per year the expectation that annual giving would drop by 36 percent. what would this cause the american society? talk to me about the services, the work that would not get done . >> well, you have to understand that if there is a cap at 28%, you're right, we estimate that could cause a nonprofit organization $7 billion. that is the combined budget of

many of our largest national nonprofits. we rely on, our communities rely on every single night for important services. we've reduced the amount of charitable tone -- giving, that is on top of the already existing cuts that have been made and discretionary spending by the federal government and potentially more cuts in spending that elected to come. you're talking about federal support and private support being cut at the same time. double women are now of most vulnerableecommunities at a very fragile time in our nation's economy. one of the things that is also important as we have some public opinion polling that showed 62 percent of americans said they would have to substantially cut by 25 to 50%. gerri: you know what's going to happen if that deduction is cut. the irony is this editorial writer was saying that it is something for the rich. at the end of the day the people who benefit are the poor in many

cases. the open letter to the president we acknowledge and support the need to put our nation on a more sustainable fiscal path but are urged you to preserve the chariiable deductions powerful incentive for giving. to you. did you meet with the president or with his people working for him? did they give you any sense that they would not work toward taking away this deduction? have to tell you, we have proposals from both sides of the table talking but getting rid of this deduction or at least remedying it. >> the president has for a long time taken a position that in order to pay for various programs he would limit the deduction for people who earn under $200,000 a year believe from 35% 28%. that is not was on the table right now. what's on the table related to the fiscal cliff is a proposal to create a cap on deductions, all kinds of deductions. the charitable deduction with interest rates soared over deductions people can take.

with they do it at 17,000 or 22,000 or even a much higher number like 35,000, the problem the we see is that with those of the deductions people will take things because they benefit themselves. in the case of the charitable deduction, they are going to put out money in order to get a deduction. if someone gives a thousand dollars the market $350. if they lose that incentive there are only going to give 650 to begin with. it'll lose anything. the organization that served the people in our society in communities of the ones hat will have to cut back on their staff and will have to cut back. gerri: you know, what is confusing to me is if you take away this deduction, then he steps in? to haae to rely on government to step in? will the government run these programs? where does that money come from? >> we all know the answer to that. >> yes. we all know the answer to that. we know that the government is not able to step in. federal, state and local levels

we have government budgets that are in crisis. government budgets that are in deficit at every level. there is no other backstop other than the organizations like us and others who are serving thess communities, and that it is important to understand that we have to take a fair and balanced approach. when announcing we all money to contribute to getting our fiscal house in order. we absolutely do, but we have to do it on the spending side and we have to like all the sources of revenue, all the source of revenue, not just a charitable deductions to figure out how to get our fiscal house in order. gerri: i don't know if it will happen by the end of the month. we have a long way to go. everyone seems to be talking pass themselves. thank you for coming on. appreciate your time. great information. >> thank you. gerri: likely be hurt the most of the deductions goal weight make up tonight's top five. food for the poor. based in florida using 97% of its billion dollars in revenue for its charitable commitments.

for more information visit food for the poor. the american red cross which we have heard a lot about recently in the wake of superstars in the. this group has nearly 4 billion in revenue but only takes in about a billion dollars a year and a nation's. you can be one of those donors by going to red cross. number three, feeding america, the chicago-based charity takes about a billion dollars in private donations. 100% of its revenue comes from donations, nothing from the government. number two, we see them ringing@ the bells of reality season. the foundation army. this well-known organization has 4 billion in revenue but only gets have that in private donations. the number one charity, we just heard from the president. it is the united weight. nearly $4 billion in private donations nationwide, almost all the group'ssrevenues but only 85 percent of those funds go to charity. you can visit the website. and coming up, aaa puts out an

unusual warning over i knew blend of gasoline. the burro government wants you to start using it. will it damage your car? in this florida have the answer to fixing our nation's debt crisis? wayne rogers is here with what the sunshine state is doing right. ♪

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you know how painful hearurn cane. for fast, long lasting relief, use doctor recommended gavisn®. only gavisn® forms a protecve barrier that helps block stomach acid from splashing up- relieving the pain quickl try fast,ong lasting gavisn®. gerri: big spending bureaucrats on capitol hill can't manage to get the ballooning national deficit under control but one governor is tackling this head on. republican rick scott chopping florida's debt in back-to-back years for the first time in nearly three decades. relieving taxpayers by $2 billion in two years. debt 9.2%, outstripping tte 9% return for muni market as a whole. is it time for bigwigs to take note? let's ask wayne rogers. >> thank you. melissa: e. gerri: great to have you

here. you say governor scott is doing a fantastic job. >> i think he is doing a very good job. i don't kkow how fantastic it is. he is doing a very good job he reduced deficit in florida by $2 billion. that is amazing by itself. i don't think there is another state like that. yes, has he cut back on certain things? yes. he voided some of the bond issues, which were, you know, not necessary. you know what is wonderful, gerri, people always say we need this or we need that. who is making the decision that we need this? you know? gerri: i find the general assumption is that more spending is better spending particularly in some of the statehouses. >> it is insane. gerri: it is insane. florida has a balanced budget amendment. does that help them? >> yes it does. yes it does. even tte united states congress can't get a budget done. it has been three years in the senate. they can't do it. they should pass a law in the federal government that

says they have to have a balanced budget. gerri: look at some of these numbers, national debt per capita, florida looking pretty good here. keep in mind, the federal debt is the 51,900 per person. they set the benchmark. but in florida the number is closer $7,000. get a sense how other states are doing t. the more you drive that number down, the better off the states will be in the pong haul, right? >> correct. gerri: isn't that what we're looking at? >> correct. gerri: pare back the programs that are fat and bloated? >> corrects. a lot of people use the word fair. the president has done that. everybody pay their fair share. who is the person to determine what is fair? it is an arbitrary rule. gerri: you said over and over, and i think it is so interesting. >> why not 260? why not $249,800. or 2 1/2%.

they reach up out of the sky and grab a number and try to sell it. gerri: it is arbitrary. >> yeah. gerri: i want you to hear from rick scott himself about his own austerity. here is what he says? >> our taxes are high enough. we have enough revenue. we have to live within our means. we do it at state level, we should do it attthe federal level. gerri: that is the payoff, right? why can't we do this? why can't washington have the same kind of attitude as a rick scott in florida? there are lots of other governors across the country doing the same thing. >> because the rules in the house and senate are different. they don't live by the same rules that we live, that you live by, that the public lives by. they are accepted. they have their own pension plan. they have their own hospital plan. they have everything. they're like an elitist group. reminds me of the time when there was divine right of kings. that is what they're doing. i'm serious. gerri: speaking of different drain -- divine right of

kings, you heard the president what he wants is get rid of the debt ceiling. you don't have to go to congress to ask for permission. stroke a check. give the president the checkbook and let him spend whatever he wants. >> not only that but look at all the things, the laws he has done by fiat. he has passed over 800, i think it is 900, excuse me, 900 executive orders. he bypassed the congress. bypass the courts. don't have to do anything. want something? here, i will sign it i go. gerri: up pearl presidency, is that what you're saying? >> yes. we have a central government out of control. this is going to sound a little strange, in economic terms a fascist government. big business --. gerri: never heard that. >> big government around big labor all in cahoots. gerri: interesting label, wayne rogers, thanks for coming on. great to have you here. happy holidays. >> thank you. same to you. gerri: meanwhile fraudsters scam billions of dollars

every year. what is it that makes the elderly so vulnerable? turns out it is in the science. fox news's john roberts has the details. >> good evening to you, gerri. we hear about the heart-breaking stories all the time. elderly people fall victim to scams whether unscrupulous home repair company or scam on internet or something in direct mail. we wonder why is it that they're so vulnerable? scientists from the university of california at los angeles, ucla, did a whole lot of research about this. it has less to do with cognitive decline as we get older but more to do how our emotions change. it is an area of the brain insular cortex, specifically the part of the brain that gives us the emotion disgust. ucla researchers took two groups, one age 2, the one average age 68. showed them pictures of people who were untrust worth any. here is what they found looked at functionnl mri associated with that. in the younger brains the

areas of the brain that deals with disgust lit up like a stoplight that said stop, don't go further. in the older individuals the brains didn't register anything. untrustworthy people looked the same. the lead researcher on this believes as we age we lose that gut feeling inside us, tells us hey, something is wrong here. >> if you're not getting that uh-oh signal it is not figuring into your decision-making. you could falsely belief that a pitch of some kind is a good one when in fact it is really bad and younger adult would have no difficult seeing that. >> professorer taylor knows from personal experience. her late father was taken in a financial scam for $17,000. her aunt bought into one of those pitches hey, as a hedge against inflation, buy diamonds over internet. you got it. when she got those, they were glass. gerri: oh, my goodness. john, i hear very young voices in the background. what is going on down there.

>> those are my 20-month-old twins are visiting tonight. those are my hedge against this emotional decline. hope if you you willly by the time i make bad decisions about my finances they will be there to take care of me. gerri: john, that is sweet. fascinating story. real interesting stuff. who would have thought, right? >> yeah. here's the thing too, gerri. this all starts in your mid 50s. some of the most vulnerable people are experiinced investors in their mid 50s who lose that gut instinct tells them, wait a second, this is a bad idea. so be prepared. we've got decades now to manage our finances in retirement as well. gerri: that's right. john, thanks for coming on. a pleasure to see you. happy holidays to the kids. >> thank you, gerri, when we come back, is obama's refusal to compromise on the fiscal cliff going to hurt your 401(k)? and is the government putting your car at risk? aaa and my next guest says, yes, they are. we'll tell you how after the breaa [ abdul-rash ] i've been working sinci s about 16.

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♪ visit floodsmart.gov/pretend to learn yourisk. gerri: more warnings what they call e 15 fuel has one lawmaker trying to put the brakes on the environmental protection agency on this risky bet of ethanol and gasoline. joining me, republican congressman jim sensenbrenner. welcome back to the show. always great to have you here. >> happy to be here. gerri: tell me about the major objection to e15? what is the major problem with e15. >> e-15 will void the warranty on any car manufactured in this country since 2001. the engines are not able to absorb the amount of ethanol compared to gasoline.

aaa estimates 228 million cars are being placed at risk. gerri: we're talking about. mw, chrysler, nissan, toyota, the bug. all of these cars at why is the epa pushing this variaaion on gas, if it is so harmful to cars? >> the epa is tone deaf to what the american public wants. this is one example of it. if e15 is mistakenly put into any of these cars, and the engine ends up being damaged because the gas is running too hot, the warranties would be voided and the motorist would end up paying thousands of dollars to get the engine repaired. i think that this is something that really tells the consumers that they don't matter when government decisions are made. gerri: now, congressman, let me ask you this.

why is the epa is pushing this thing? if you look at benefits, the environmental benefits are very marginal. >> they are marginal because the more ethanol in the gas the lower the gas mileage the automobile has. so that means we would be burning more fuel, total fuel which means that there will be more pollutants that go out the tail pipe. i think it is kind of a half and half thing, but you got to remember that it was iowa that got president obama on the road to victory in 2008 and a lot of the ethanol ends up being made in iowa. gerri: a lot of states that sell e 15 are in that region. iowa, nebraska, kansas, that is where this gasoline is being sold right now. but i undeestand there is big fear this will be approved for the whole country. what would happen then? >> well, what would happen then, there would be a lot of people that would be mistakenly putting e15 in their cars because there wouldn't be separate pumps

for e15. you would have to push the right button or read something stuck on the pump. you and i know that most of us don't read the stuff on the pump when we go and fill up. gerri: no. >> i sure don't. i stick in the credit card, put the blend i want in and fill my car up with gas. gerri: right. >> i'm not going to be very happy if i mistakenly put e15 in my car and four miles down the road the engine blows up. gerri: is it just politics? is it just the president rewarding people who helped him get the job all over again, that is putting this, what is really financially damaging product into the marketplace? >> well, you'll have to ask the president and epa administrator lisa jackson. what i can say is, that over a year ago, i wrote to every manufacturer of automobiles in the united states and ask them what would happen with e15 in their cars. all 14 of them wrote me back

saying that the engines would be ruined and the warranties would be voided. so that would mean that anybody who mistakenly put e15 in their tank would have to pay for their repairs on their own. so far the epa as refused to budge on their mandate which they call optional, but if you're running a gas station, you aren't going to put in an investment of $100,000 for more underground tanks in a separate pump. you probably would be selling e15 because of the mandate and then the gas that most cars can safely run on simply wouldn't be available. we haven't gotten to talking about how small enagainst are wrecked like lawn mowers and snowmobile and atv and outboard motors. they would be wrecked too. gerri: congressman, i know you introduced legislation. do you expect it to come to the floor? will we see it or will it

die a death because people sometimes just don't listen to reason? >> well anything that isn't on the president's desk by is automatically killed but i'm going to be back next year because the more the word spreads about what the epa is doing, the better chance we will pass legislation to put the epa mandate on hold until the national academy of sciences does an objective study of the impact of e15 on engines used byyconsumers in the united states. gerri: congressman, thanks for your time tonight. we appreciate it. >> thank you very much. gerri: now we want to know what you think. here's our question tonight, who do you trust more, the epa or aaa? log on to gerri willis.com. vote on the right-hand side of the screen. coming up my two cents more. what investors need to know when it comes to the fiscal

cliff. is youu 401(k) in danger? stay with us.

gerri: as lawmakers look for ways to raise revenue in the fiscal cliff talks will they end up raiding your retirement account? hey, it's happened before.

gerri: well the fiscal cliff negotiations grinding on and on there seems to be growing buzz the government will soon raid, get this, retirement accounts in order to raise revenue. it is actually happened before in other countries but could it happen here? jonathan hoenig is a fox news contributor and founder of the hedge fund, capitalist pig. jonathan, welcome back to the show. >> thanks, gerri. gerri: what would you put

the possibility of congress coming after our 401(k)s at? it is a big pot of money? >> it is an immense pile of money, gerri. we know they're going after our invests, right? raising taxes on dividends and capital gains. given the president's collectivism i feel some sort of direct confiscation of people's 401(k)s is not impossible to begin with. it is a tremendous amount of wealth. at the very least it might eliminate tax deferment people enjoyed. further down the spectrum could be out right wealth tax. it happened many times in the past. it happened in ireland. it happened in argentina. could happen here as well. gerri: here is this big pot of money. 18.5 trillion dollars. we know how the people are in washington. they like to get their hands on whatever they can. jonathan, let me tell you this. i had a guest on this week, that told me it was irresponsible, irresponsible for journalists to report the possibility that the government's sticky fingers

might get on to our 401(k)s. do you agree? >> i don't disagree attall. gerri. hopefully it is a warning sign. the president's proposal has been widely reported contained no net new tax cuts or spending cuts. so there has been no real effort to reduce sppnding. interesting stat i wws keeping an eye on this week. after the 30 days following election we've seen the biggest spike in physical gold sales, that is gold coins ever. people are piling in. i actually brought along, this is a 1,000 gram palladium bar. people are piling into precious metals. not because they think they're going higher. gerri: give that to me on the way out of the door. >> they're afraid of the government confiscating their wealth. that is a facet in the capital markets right now. gerri: this guest of mind said it was irresponsible of the media to report that the government might do this. i actually think it is our solemn obligation to report anything that the government might be considering that

they might tax to raise revenues. and i think the 401(k) would be such a disaster on some levels. look, it is not just that you might have to pay additional tax on your four open one k. we have a retirement crisis in this coontry. people have not saved enough money. to tell them they couldn't set aside their money tax-free, tell them there they take their money out of their retirement accounts, that would be a tragedy. that would stop retirement saving as we know it, don't you think, jonathan? >> it would be a tremendous destruction of wealth but it has happened, it happens all the time. people always compare the u.s. being next greece. you know what? confiscation of private pensions happened in greece. it happened in the last year. it happened in argentina. in ireland to pay forbillion stimulus spending. a wealth tax of some sort especially on 401(k)s which you point out people put aside to save for their own future i don't think that is

out of bounds on this president at all. he is firmly committed to spending and collectivism. eventually bills have to be paid. they will use people's private assets. gerri: not just the president. every elected official in washington seems to be the exact same way. they want to get our hands on our money we have to be alert. it is not irresponsible to mention it. i don't think so. jonathan, really appreciate your time. >> thanks, gerri, we'll be right back with my two cents more and the answer to the question of the day, who do you trust more, the epa or aaa? [ male announcer ] at scottrade, we believe the more you know, e better you trade. so have ongoing webinars a intactive learning, plus, in-branch seminars at over 500 locations, where our decated suppt teams help you know more so your money can doore. [ rodger ] at scottrade,

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